Carlsmed (CARL) Research & Development (2024 - 2026)
Carlsmed posted quarterly Research & Development of $5.2 million for Q1 2026, up 249.86% year-on-year from $1.5 million in Q1 2025, and up 270.72% on a QoQ basis from -$3.0 million in Q4 2025.
Carlsmed (CARL) has 3 years of Research & Development data on file, last reported at $5.2 million in Q1 2026.
- For the quarter ending Q1 2026, Research & Development rose 249.86% year-over-year to $5.2 million; the trailing twelve-month figure through Mar 2026 stood at $8.8 million (down 52.59% YoY), and the FY2025 full-year result was $8.7 million, down 39.02% from the prior year.
- Research & Development for Q1 2026 stood at $5.2 million, up from -$3.0 million in the prior quarter.
- Across five years, Research & Development topped out at $9.0 million in Q4 2024 and bottomed at -$3.0 million in Q4 2025.
- The 3-year median for Research & Development is $4.0 million (2024), against an average of $3.4 million.
- The widest annual swing landed in 2025, when Research & Development tumbled 133.83%; it then jumped 249.86% in 2026.
- A 3-year view of Research & Development shows it stood at $9.0 million in 2024, then sank by 133.83% to -$3.0 million in 2025, then jumped by 270.72% to $5.2 million in 2026.
- The last three Research & Development figures came in at $5.2 million (Q1 2026), -$3.0 million (Q4 2025), and $4.4 million (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 30.85 Bn | 24.28 Bn | 622.47 Mn | 198.79 Mn |
| 2 | BrightSpring Health Services | 12.29 Bn | 11.41 Bn | 482.22 Mn | - |
| 3 | Healthequity | 7.80 Bn | 7.48 Bn | 256.31 Mn | 67.77 Mn |
| 4 | Hinge Health | 4.82 Bn | 4.51 Bn | 154.23 Mn | 30.34 Mn |
| 5 | Doximity | 4.21 Bn | 3.46 Bn | 125.97 Mn | 39.11 Mn |
| 6 | Waystar Holding | 4.18 Bn | 4.03 Bn | 268.04 Mn | 18.37 Mn |
| 7 | 10x Genomics | 3.78 Bn | 3.24 Bn | 106.18 Mn | 56.85 Mn |
| 8 | Privia Health | 2.65 Bn | 2.28 Bn | 595.71 Mn | - |
| 9 | Omnicell | 1.95 Bn | 1.78 Bn | 140.36 Mn | 21.52 Mn |
| 10 | Carlsmed | 298.68 Mn | 201.48 Mn | 12.43 Mn | 5.18 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 5.18 Mn |
| Dec 31, 2025 | -3.03 Mn |
| Sep 30, 2025 | 4.45 Mn |
| Jun 30, 2025 | 2.17 Mn |
| Mar 31, 2025 | 1.48 Mn |
| Dec 31, 2024 | 8.97 Mn |
| Sep 30, 2024 | 4.04 Mn |
| Jun 30, 2024 | 4.00 Mn |